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Buying a property is very time consuming and you can spend hours on various property sites, looking for your next house to either live or invest in. Once you have found a house or apartment you find interesting with the attributes you’re looking for, it is imperative to spend even more time going to several inspections and looking at historic data before deciding if will make an offer on.
When you find a property that ticks all the boxes, it is important to remember that it is likely to be on someone else’s shortlist. The market is very competitive, so you have to be prepared to miss out on first attempt. To avoid the heartbreaking disappointment, here are three steps to prepare you for auction day that that will give you the best chance at making that winning bid.
1. Before going to an auction, you need to sort out your finances. Speak to a financial services provider and set a price range with a comfortable maximum limit. Be realistic, ask yourself what can I actually afford? Knowing your budget will instantly help you to narrow down the list of properties to aim at and you will pretty soon discover that it may not be possible to get all attributes on your wish list.
2. When you know your price range, you can start shortlisting more realistic properties with the attributes you’re looking for. Don’t get disappointed if you realise that you might not be able to find a property that ticks all the boxes. You might have to consider if you really need a garage, that extra bedroom or study, a garden or balcony etc. The current competitiveness in the market, especially in the $600,000 price segment, might mean you can’t get a property that has every attribute you ultimately want. Adapting your expectations on the property attributes and looking at a neighbouring suburb just might be the trick.
3. Once you know your budget and have a realistic shortlist of properties within that budget it’s important to seek advice to set yourself up for the best possible outcome. A professional buyers advocate is able to give you a historical background of the area and its investment potential, and help you through the process of securing that home. Buying a property is one of the largest financial decisions you will do in your life and it is important to seek advice to make sure you are investing in something that will set you up for the future.
Buying a property can be a very emotional process and it is ok to get emotional about a property, in fact you should get that certain feeling as you walk through the door on inspection day. Just remember that sometimes it is better to walk away rather than go above the budget you have set; other opportunities will present themselves. Don’t lose hope, be patient and keep on top of the market and in good time you will get the keys to your perfect match.
Getting independent advice is the best way to have a game plan and the information at hand leading into an auction. Speak to one of our trusted PropertyDuo associates for the advice you need to make an informed buying decision.
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